Canada‘s prime minister warned Monday that US President Donald Trump‘s escalating tariffs are rupturing the world’s economy, also unveiling new support measures aimed at protecting Canadian retirees amid growing financial instability.
“President Trump’s tariffs have ruptured the global economy, and Canadians are rightfully concerned about their retirement savings, their jobs, and their businesses,” Mark Carney said in a press release.
“In the tough days ahead, we will protect Canadians and build Canada strong. If America won’t lead, Canada will,” he added.
Carney’s ruling Liberals announced new measures to support seniors during the crisis.
The minimum withdrawal from Registered Retirement Income Funds will be reduced by 25% for one year, giving seniors more flexibility. The Guaranteed Income Supplement will also be increased by 5% for one year, providing up to Canadian $652 ($458) in tax-free support for low-income seniors.
These steps follow earlier moves, including waiving the one-week employment insurance waiting period, making it more accessible, and deferring business tax payments until June 30.
“A Mark Carney-led Liberal government will fight, protect, and build,” the statement said.
The measures come weeks before the April 28 federal election, where Carney’s Liberals are campaigning on economic stability and action in the face of global uncertainty.